Analysis Of Causes And Financial Performance Of Sf Express Backdoor Listing

In recent years,the state has continuously strengthened the development and reform of the logistics industry,which has greatly promoted the related development of the logistics industry.However,logistics companies do not have capital support,technical support,and integrated logistics chain,and it is difficult to respond to diversified market development.Therefore,the low cost of time,rapid transactions,and wide financing channels are the motivations for many logistics companies to backdoor listing.This article selects Shunfeng Holdings as a case study,investigates the motivations and financial performance of its backdoor listing,analyzes the motives of backdoor listing and the performance before and after the backdoor listing,and explores the role of companies in improving financial performance and market value through backdoor listing.This article first introduces the overview,background and significance of the backdoor listing,with reference to domestic and foreign literature summarizes the theoretical basis of backdoor listing.Secondly,the paper analyzes the current status and difficulties of backdoor listing of the entire logistics industry from the macro perspective.The core of this article is the motivation of SFH backdoor listing and the changes of financial performance before and after the listing of backdoor listing.Of the stock index and the Shanghai Stock Exchange,with reference to the financial year 2015-2017 of four back-exchange-listed logistics companies,including SF Group,using incident research methods to analyze short-term performance changes and financial indicators before and after the announcement of the asset restructuring Long-term performance changes.Then in-depth analysis of the internal financial indicators of Shun Fung Holdings 2013-2017 financial indicators and horizontal financial indicators analysis of the three-year 2015-2017 with three other logistics companies analyzed comprehensively and carefully.The study found that the backdoor listing of these incident SF Shun Holdings short-term improvements to improve performance has a significant role,as opposed to the IPO has a lower time cost,more conducive to the management of corporate governance.However,it is also found that the ownership structure of SF Holdings is unreasonable and there is a potential problem of insider trading.Finally,the article puts forward some suggestions on corporate governance and government regulation,hoping to promote the development of the logistics industry to better serve the society,"Made in China 2025" grand blueprint.